Transportation
IDR/PCR
Healthcare/Hospital
Special Tax
Education
Lease
GO Local
GO State
Power
Water & Sewer
Pre-Refunded
Housing
VRDN
Resource Recovery
Insured
Other
<1 Year
1-4.99 Years
5-9.99 Years
10-19.99 Years
20-29.99 Years
>30 Years

Portfolio Breakdown by Stateas of 12/31/2015

State Assets
CA 19.8%
NY 11.3%
TX 9.6%
PA 7.0%
NJ 4.2%
IL 3.9%
IN 3.5%
OH 3.2%
FL 3.0%
GA 3.0%
MA 2.7%
AZ 2.4%
Puerto Rico 2.2%
MI 2.0%
VA 1.8%
SC 1.7%
CT 1.5%
HI 1.5%
LA 1.5%
CO 1.3%
NE 1.3%
MD 1.3%
WA 1.2%
NC 1.1%
OK 0.8%
KY 0.8%
ME 0.7%
AL 0.6%
MO 0.6%
DE 0.6%
Other U.S. Territories 0.5%
DC 0.5%
AR 0.4%
OR 0.4%
IA 0.3%
TN 0.3%
ND 0.3%
NV 0.3%
MN 0.2%
RI 0.2%
WV 0.1%

Portfolio Details as of 12/31/2015

Total Net Assets
$1.83 B
Number of Holdings
449
Average Coupon
5.4%
Average Effective Maturity
17.4 Years
Effective Duration
7.32 Years

Credit Quality Distribution as of 12/31/2015

A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 12/31/2015

  • Our primary focus has been to overweight bonds in the 10- to 17-year maturity range, in a more bulleted structure, as opposed to a barbell structure, relative to the portfolio’s benchmark, the Barclays Municipal Bond Index, due to the steep yield curve and total return potential within that maturity range.
  • The portfolio continues to maintain an overweight in revenue bonds, including transportation and industrial revenue bonds, given the dedicated income stream and favorable return prospects.
  • The portfolio continues to maintain an overweight in lower-rated bonds owing to attractive credit spreads and solid underlying credit quality.
  • The portfolio is overweight in high-tax states due to better liquidity and total return potential.
Fund Dividends & Cap Gains next tab

Contact a Representative